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Vince Power’s company suspends shares
By CMU Editorial | Published on Monday 24 September 2012
Vince Power’s Music Festivals plc told the City on Friday that it had been unable to secure new funding, and that it was therefore asking the Alternative Investment Market to suspend trading in its shares. As previously reported, Music Festivals plc, created by Power last year, has issued various gloomy statements to investors this year.
The company, which owns the UK’s Hop Farm festival and Spain’s Benicassim, as well as a couple of smaller events, has been hit hard by a slow year in the festivals market, especially in the UK where poor weather, a tight economy, a relative lack of headliners and competition from Olympic events and coverage have all contributed to poorer ticket sales across the board.
The Hop Farm festival in particular had a bad 2012, while Music Festivals plc also previously admitted that Benicassim had not performed as well this year.
In its statement on Friday the company said: “The board has, in recent weeks, pursued a number of different funding proposals, but the company has not been able to procure the necessary funding it requires. Whilst the board considers the next steps it has requested that trading in its ordinary shares is suspended and a further announcement will be made in due course”.
